Henderson manufacturer halts dividends

Wednesday, Nov. 3, 1999 | 11:47 a.m.

Denver-based Titanium Metals Corp., struggling under a weak aerospace market, announced Tuesday it is suspending dividend payments on its stock.

The suspension affects only common shares. Payments on TIMET's preferred securities will continue, but the company said it will re-evaluate preferred dividend payments on a quarter-by-quarter basis.

TIMET employs 300 people at a Henderson plant.

"The demand for titanium products remains at a depressed level, with a number of the company's major customers canceling and pushing out previously scheduled orders," said J. Landis Martin, chairman and chief executive of TIMET. "We are continuing our efforts to return to profitability by focusing on improving our manufacturing processes and reducing our overall costs, as well as continuing our efforts to work closely with the company's major customers to solidify our volume position for 2000."

The company recently reported a loss of $7.5 million, or 24 cents per share, for the quarter ending Sept. 30. Revenues fell 35 percent to $112.7 million.

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